Tribeca reaps rewards from FSRA
The continuing impact of the Financial Services Reform Act (FSRA) on the financial services industry has given a boost to education and compliance services providerTribeca, allowing it to achieve record earnings and profits.
For the year to 30 June 2003, Tribeca business revenue was up by 14.4 per cent to $14.66 million, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 17.3 per cent to $2.22 million.
Tribeca managing director Adam Davis says the FSRA positively affected Tribeca's business, as revenue was being derived from a broader suite of products, including compliance services, than the previous financial year.
The group’s compliance services accounted for 10.49 per cent of revenue, with accredited education courses making up 54.75 per cent and continuing education 34.76 per cent of revenue.
Davis says Integratec also expanded its scope as a Registered Training Organisation to offer accredited courses under the National Finance Industry Training Advisory Board national training package during the period.
The outlook for the group is favourable, according to Davis, due to the growth of Australia's financial services sector and the increasingly stringent legislative environment in which financial institutions must now operate.
He says Tribeca will pursue growth opportunities in keeping with its core competency of designing and delivering education solutions that assist in compliance with legislative requirements.
"Whilst the Company's business plan for 2003/04 does not rely on making further acquisitions, opportunities will continue to be proactively assessed within the context of strict financial and strategic parameters,” he says.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
